Idaho semi-weekly world. [volume] (Idaho City, Idaho Territory) 1875-1908, 1887-04-08

Inc Indebtedness OF this county
including interest, is about 100000.
a"d the amount in the Treasury /.
between $4,000 and s4,0OU. The
question that is now interesting the
sax payers is whether it is best 10
oohd the Indebtedness, under the
law enacted by the last Legislature,
Or let the debt stand in its present
form, until paid, aud increase the
likes IN order to diminish the indebt.
i"ess a few thousand yearly. The
present tax levy is S2.O5 on the hun
'ired, including rs cts. on the hundred
as Territorial FAX. Eighty cents on
the sl0O OF the tax levy Of this coun.
y y for the school fund. Auditor
and Recorder Tim Carroll j-.forms US
that the II levy just pays the present
running expenses OF the county, out
s'ce OF the schools. An extra levy
Will have to be made whether the
debt is funded or not. II bonded. a
fund must be provided for the prin-
cipal and interest on the bonds. The
bonds would in all probability be held
by parties not residents of the conntv
and the county would derive no taxes
from them. 1t is true that large
per cent. of county scrip is either
held BY perjurers or is bought up BY
parties outside of the county. No
taxes are paid OIL a large per cent. of
the scrip issued. If it is held by
cisizens of the county they get out or
paying the taxes on it by keeping
mum when the Assessor interviews
them in regard to the full value 4
their wealth. But it is better to COL
lect taxes or portion of the debt
than OH no part of it. Even il the
bonds should be purchased by resi-
dent or residents of the county, where
in would the burden be lighter on the
taxpayers, although the debt should
be bonded at rate of interest little
less than the present rate OH county
warrants, which is ten per cent. .
The debt cannot be reduced until the
bonds become due, and line money in
the sinking fund for the redemption
oe bonds and payment of interest lies
idle and cannot go towards reducing
the mterest-bearIng debt until the
maturity OF the bonds. The thousands
of dollars that would be hoarded up
for the payment of the bonds, would
he, under the warrant system, i'm
mediately applied to the reduction OF
the debt, and consequently would
lessen the amount OF interest paid
and the lessening of the debt and iu-
terest would make the interest burden
just as light, or lighter, than lesser
rate paid for IA number of years OF
the full amount of tine present indebt
edness. 1t requires no mathematical
fneness of figuring and an argumen
in detail to prove this. To bond th'
Indebtedness is to favor exclusivel,
the monied man. Under the warran
system men of small means find ;
safe investment for the little the,
have. To fund the Indebtedness woul,
shut out the small fish and give thi
safe means of investment all to tn
whale, and without in the least bene
fitting the taxpayers. As we vle'
the matter the burden would be some
what heavier. Even if the bond
should he purchased by residen
of the county and at lower rate c
interest than county warrants dra'
say seven per cent, and 1t is sal
they will be taken at that rate-w
cannot see any advantage to be game
over the present system. The thou'
ands that would go into the sinkin
,r redemption fund could be apple
to the payment of warrants and II
deot and interest be lessening ever
wear. The majority of the tax paye
of the county are opposed to fundln
the debt.